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(KUALA LUMPUR) Malaysian transport-to-construction group MMC Corp is in talks with China Harbour Engineering Co Ltd to sell a stake in its port in the southern state of Johor, a newspaper said on Saturday.
MMC Corp said in December that it was in the advanced stages of talks to sell a minority stake in its port operator unit Pelabuhuan Tanjung Pelepas Sdn Bhd (PTP).
MMC owns a 70 per cent stake in PTP, the operator of the Tanjung Pelepas port in Johor, while the rest of the port operator is held by Danish shipping and oil group A.P. Moller-Maersk.
'MMC Corp Bhd is understood to have commenced negotiations with China Harbour Engineering Co Ltd to sell a 19 per cent stake in Pelabuhuan Tanjung Pelepas Sdn Bhd,' The Edge, a Malaysian weekly, said, quoting unnamed sources.
'It is learnt that talks have been going on for a while now but no conclusive deal has been reached,' it said.
MMC could not be reached immediately for comment.
The company had previously said that PTP will remain a subsidiary of MMC following the proposed disposal. -- Reuters
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